USD/ INR: Rupee Strengthens Against the US Dollar

USD/INR- Rupee value was at 73.52 as of 3:51 PM IST on 16th September. Further, the rupee saw an intra-day high of 73.48 and low of 73.78 against the US Dollar. The Indian currency was supported by a weak greenback and a favourable domestic equity market. Further, the dollar index fell by 0.12% to 92.94.

USD/ INR: Oil Prices

The WTI futures rose by 2.80% and was trading at USD 39.35 per barrel today. On the other hand, Brent futures for November increased by 2.49% was at USD 41.54 per barrel. The traders were in high anticipation for the federal policy meeting scheduled for later in the day. Oil also gained because a hurricane shut down output and therefore caused a reduction in the US stockpiles. But, the oil demand still looks bleak as the recovery of the market is nowhere in sight.

USD/ INR- Gold Prices

Gold prices further rose on 16th September. Accordingly, October gold futures increased by 0.08% to Rs. 51,810 per 10 grams on the multi-commodity exchange. However, Silver futures fell by 0.07% to 68,921 per kg. In the international market, spot gold traded at $1,952.15 per ounce, decreasing by 0.2% from the previous session. There are no clear indicators for the gold prices right now. Still, they will be supported by the increasing coronavirus cases, geo-political tensions between US and China and anticipated stimulus from central banks. Traders also favourably looked forward to the Federal Reserve’s meet.

USD/ INR- Sensex Today

The Sensex ended in green yesterday for the second consecutive day. That is, it was up by 0.66% and saw a 258.50 point increase. Accordingly, it ended at 39, 302.85 at 3:40 PM IST on 16th September. Likewise, the NIFTY saw a rise of 0.72% points or 82.75 points and ended up at 11,604.55. Though the significant indexes performed well, small and the mid-caps underperformed yesterday.

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